The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADVAXIS INC COM 007624208 130 20,000 SH   SOLE   0 0 20,000
AMERICAN RLTY DEB 02917TAB0 144 140,000 PRN   SOLE   0 0 140,000
AMERICAN RLTY DEB 02917TAA2 2,603 2,592,000 PRN   SOLE   0 0 2,592,000
ANTHEM UTS PFD 036752202 1,566 29,585 SH   SOLE   0 0 29,585
APPLE INC COM 037833100 3,237 22,474 SH   SOLE   11,000 0 11,474
ASHFORD HOSPTY COM 044103109 1,322 217,500 SH   SOLE   27,000 0 190,500
ARCONIC INC PFD 03965L308 3,903 109,024 SH   SOLE   32,000 0 77,024
ARES CAPITAL DEB 04010LAJ2 2,945 2,905,000 PRN   SOLE   0 0 2,905,000
ARES CAPITAL DEB 04010LAM5 458 445,000 PRN   SOLE   0 0 445,000
AURINIA PHARM COM 05156V102 184 30,000 SH   SOLE   0 0 30,000
ATLAS AIR WW DEB 049164BH8 1,398 1,330,000 PRN   SOLE   300,000 0 1,030,000
BLACKSTONE GROUP COM 09253U108 600 17,999 SH   SOLE   0 0 17,999
CARRIAGE SERVICE DEB 143905AM9 5,045 3,890,000 PRN   SOLE   1,605,000 0 2,285,000
CHART INDUSTRIES DEB 16115QAC4 213 215,000 PRN   SOLE   0 0 215,000
CHESAPEAKE ENERGY COM 165167107 179 36,000 SH   SOLE   0 0 36,000
CITIZENS FIRST BANK COM 17462Q107 874 40,325 SH   SOLE   27,825 0 12,500
COWEN GROUP DEB 223622AB7 5,589 5,453,000 PRN   SOLE   760,000 0 4,693,000
COMMUNITY WEST COM 204157101 1,435 142,100 SH   SOLE   62,500 0 79,600
COLONY CAPITAL DEB 19624RAB2 8,120 8,000,000 PRN   SOLE   1,225,000 0 6,775,000
COLONY CAPITAL DEB 19624RAA4 733 700,000 PRN   SOLE   100,000 0 600,000
CONS TOMOKA DEB 210226AB2 5,293 5,114,000 PRN   SOLE   950,000 0 4,164,000
CROWN CASTLE COM 22822V101 6,849 68,371 SH   SOLE   14,400 0 53,971
CVB FINANCIAL COM 126600105 134 6,000 SH   SOLE   0 0 6,000
DOMINION RESOURCE PFD 25746U836 3,256 64,705 SH   SOLE   0 0 64,705
DOMINION ENERGY COM 257454108 1,760 61,000 SH   SOLE   0 0 61,000
ENSCO PLC COM G3157S106 64 12,500 SH   SOLE   0 0 12,500
ENVESTNET DEB 29404KAA4 1,111 1,130,000 PRN   SOLE   100,000 0 1,030,000
EPR PROPERTIES PFD 26884U208 5,016 177,552 SH   SOLE   177,552 0 0
EQT CORP COM 268846109 498 8,500 SH   SOLE   8,500 0 0
EXELIXIS COM 30161Q104 776 31,500 SH   SOLE   0 0 31,500
FIDELITY SOUTHERN COM 316394105 4,268 186,694 SH   SOLE   42,500 0 144,194
FORD MOTOR COM 345370860 2,796 249,922 SH   SOLE   88,099 0 161,823
GAMESTOP COM 36467W109 130 6,000 SH   SOLE   0 0 6,000
GENERAL MOTORS COM 30745V100 6,939 198,659 SH   SOLE   55,000 0 143,659
GLOBAL PARTNERS COM 37946R109 254 14,100 SH   SOLE   0 0 14,100
HCI GROUP DEB 40416EAB9 7,416 7,311,000 PRN   SOLE   306,000 0 7,005,000
HCI GROUP COM 40416E103 3,363 71,596 SH   SOLE   45,000 0 26,596
INVESCO LTD COM G491BT108 299 8,500 SH   SOLE   0 0 8,500
INVESCO TR INVT COM 46131M106 860 64,126 SH   SOLE   0 0 64,126
JEFFERIES GROUP DEB 472319AG7 1,159 1,155,000 PRN   SOLE   0 0 1,155,000
JPMORGAN CHASE COM 46625H100 137 1,500 SH   SOLE   0 0 1,500
JOHNSON CONTROL COM 478366107 780 18,000 SH   SOLE   0 0 18,000
LEXINGTON PTY COM 529043101 15,241 1,537,984 SH   SOLE   430,300 0 1,107,684
LEXINGTON PTY PFD 529043309 1,616 31,763 SH   SOLE   0 0 31,763
MACQUARIE INFRA COM 55608B105 157 2,000 SH   SOLE   0 0 2,000
MACQUARIE INFRA DEB 55608BAA3 309 280,000 PRN   SOLE   0 0 280,000
MEDICAL PROPERTY COM 58436J304 650 50,500 SH   SOLE   16,000 0 34,500
MERCK COM 58933Y105 449 7,000 SH   SOLE   0 0 7,000
METLIFE COM 59156R108 8,676 157,917 SH   SOLE   50,000 0 107,917
NATIONAL HEALTH DEB 63633DAE4 11,359 9,745,000 PRN   SOLE   2,900,000 0 6,845,000
NAVIENT CORP COM 63938C108 125 7,500 SH   SOLE   0 0 7,500
NY COMM BANC COM 649445103 885 67,400 SH   SOLE   0 0 67,400
NY COMM BANC PFD 64944P307 9,551 185,456 SH   SOLE   40,000 0 145,456
OXBRIDGE COM G6856M106 678 120,000 SH   SOLE   120,000 0 0
PFIZER COM 717081103 1,344 40,000 SH   SOLE   0 0 40,000
RAMCO GERSHNSN COM 751452202 103 8,000 SH   SOLE   3,000 0 5,000
RAMCO GERSHNSN PFD 751452608 8,157 154,916 SH   SOLE   95,227 0 59,689
ROYAL GOLD DEB 780287AA6 1,694 1,571,000 PRN   SOLE   150,000 0 1,421,000
SANOFI SPONSOR COM 80105N105 7,643 159,524 SH   SOLE   57,000 0 102,524
SB FINANCIAL COM 78408D105 216 12,786 SH   SOLE   12,786 0 0
SB FINANCIAL PFD 78408D204 956 59,655 SH   SOLE   29,966 0 29,689
SHIP FINANCE DEB G81075AE6 9,288 8,757,000 PRN   SOLE   3,380,000 0 5,377,000
SHIP FINANCE COM G81075106 207 15,200 SH   SOLE   0 0 15,200
SHUTTERFLY DEB 82568PAB2 3,542 3,553,000 PRN   SOLE   675,000 0 2,878,000
SPIRIT REALTY DEB 84860WAB8 342 345,000 PRN   SOLE   0 0 345,000
SPIRIT REALTY DEB 84860WAA0 4,619 4,663 PRN   SOLE   0 0 4,663
SPIRIT REALTY COM 84860W102 1,394 188,100 SH   SOLE   75,100 0 113,000
SPDR BARCLAYS COM 78464A359 183 3,680 SH   SOLE   0 0 3,680
SUMMIT STATE COM 866264203 354 27,261 SH   SOLE   12,261 0 15,000
TEVA PHARM COM 881624209 133 4,000 SH   SOLE   0 0 4,000
TIMBERLAND BANK COM 887098101 7,276 287,949 SH   SOLE   66,300 0 221,649
TOLL BROS DEB 88947EAM2 339 340,000 PRN   SOLE   0 0 340,000
TTM TECH DEB 87305RAD1 422 225,000 PRN   SOLE   100,000 0 125,000
TYSON FOODS PFD 902494301 3,670 54,144 SH   SOLE   15,500 0 38,644
VEREIT INC COM 92339V100 969 119,000 SH   SOLE   0 0 119,000
WELLTOWER PFD 95040Q203 2,080 31,396 SH   SOLE   31,396 0 0
WEYERHAEUSER COM 962166104 4,828 144,136 SH   SOLE   32,500 0 111,636
CAPITAL ONE WTS 14040H139 581 14,000 SH   SOLE   14,000 0 0
GENERAL MOTORS WTS 37045V126 678 39,000 SH   SOLE   39,000 0 0
JPMORGAN CHASE WTS 46634E114 754 15,000 SH   SOLE   15,000 0 0